Whales Dump 115K ETH in $418M Sell-Off, Traders Eye New High
Ethereum (ETH) is trading sideways near $3,600 after falling 1.4% in 24 hours and 4.4% over the week. A surge in sell pressure saw whales unload 115,400 ETH at market price, creating a net taker volume of -$418.8 million – the second-largest daily sell imbalance on record. Institutional players including BlackRock and Fidelity added to the outflows, depositing $372 million and offloading 14,978 ETH ($53.6 million), respectively, while blockchain tracker Lookonchain flagged $70 million in whale dumps. Despite the sell-off, Polymarket traders assign a 54% probability to ETH reaching a new all-time high by year-end, buoyed by growing institutional adoption: 17 public companies now hold roughly $6 billion in ETH. On-chain metrics and technical indicators show key support at the 20-day EMA ($3,546) and 50-day EMA ($3,210), with the RSI cooling below 60, indicating easing bullish momentum. Traders should watch these levels: a bounce could fuel a rebound, while a breach may signal further downside.
Neutral
Although heavy sell pressure from whales and institutional outflows has weighed on ETH’s price, significant support at key moving averages and sustained trader optimism – evidenced by a 54% probability for a new all-time high on Polymarket and growing institutional holdings – suggests a balanced outlook. Historically, similar whale-led sell-offs have led to short-term pullbacks before resuming uptrends when demand at support levels holds. Therefore, while short-term volatility and downside risk remain, the longer-term bullish narrative persists, resulting in a neutral impact overall.